Very Happy So Far
Great online bank based on my experience (~18 months). Their app is user-friendly, and simple to use (maybe too simple?).
I logged into my account today and realized their savings rate is now 5.00% APY (unfortunately on savings balances up to $100,000 only). I will be moving $$$ into my savings account.
Awesome Bank
Very responsive team with a great deal of improvements being rolled out.
Customer service is fast and efficient.
Almost instant virtual cards.
Can't find anything bad to say really , really fantastic budgeting options.
Too Restricting
You only can deposit money at Wal-Mart. When you ask for help via chat, they repeat scripted lines. Even when you are very clear and direct with what you are asking, you have to say it multiple times. At this time you are unable to add beneficiaries. They restrict your account if you make to transfer mistakes. Some of the external accounts that you link have the completely wrong name. If it is not the original account that funded your bank account they will always ask for bank statements after verifying the accounts. If you moved to a new fintech, neo bank, credit union, or bank you have to wait one or two months to get that statement and go through the external account verification process all over again. Currently your savings account at 5.0% doesn't cover overdrafts automatically to the checking account.. You have to have direct deposit with them to get most of the features. The app online is too simple that it's confusing. Its takes a while just to figure out how to log out as one example. They need to have a fees and account limits page. I had to call in to find out that info and I don't believe I received the correct information. There are better places to keep your money. This one needs to grow a little. https://yieldfinder.app/
Data as of Q3 2024
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34403 |
| Year Established | 1997 |
| Employees | 480 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.16% |
| Return on Equity - YTD | 12.92% |
| Annual Interest Income | $293MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $4.06B$3.67B |
| Loans | Q3 2024vs Q3 2023 | $3.26B$2.87B |
| Deposits | Q3 2024vs Q3 2023 | $3.63B$3.3B |
| Equity Capital | Q3 2024vs Q3 2023 | $370.8MM$322.3MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $170.3MM$101.1MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $66.4MM$43.5MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$0 |